Breaking News

Tesco Falls as Much as 11.8% After Saying Profit Overstated

Angola’s Oil-Led Foreign-Currency Reserves Rise 44% in 2011

Angola’s foreign-currency reserves rose 44 percent last year to reach $25.02 billion in December as Africa’s second-biggest oil producer benefited from rising crude prices, a document from Angola’s central bank showed.

Reserves climbed from $17.33 billion at the end of 2010, according to the preliminary report from the Luanda-based Banco Nacional de Angola obtained by Bloomberg News. The amount increased in December from $23.27 billion in the previous month.

“Angola looks extremely well positioned to grow sustainably going forward,” Stephen Bailey-Smith, head of research for Africa at Standard Bank Plc in London, said in a phone interview.

Angola should continue to benefit from higher oil prices and exports, which account for more than 90 percent of the country’s foreign-currency earnings, Bailey-Smith said.

“We expect oil production to increase this year to 1.84 million barrels per day from about 1.69 million last year,” he said. Angola may also record a budget surplus in 2012 of around 9 percent of gross domestic product, Bailey-Smith said.

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Antony Sguazzin at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.